Unless you are in the financial industry, you probably don’t wake up in the morning excited about your spreadsheets and chart of accounts. You are understandably focused on the core offering of your business rather than worrying about your taxes or financial data. Knowing that you can depend on a professional to handle your financial activities is a major reason to search for just the right type of help among the Tucson accounting firms for your small business.

Why Does Your Business Need an Accountant?

You love what you do. You started your business to provide a valuable service or product to your customers and that is the main focus of your daily activities. You may or may not have the mindset and the expertise to be able to keep your own financial records up to date and accurate to meet the requirements for taxes or potential audits.

When you try to maintain your own financial records, you use up valuable time that could be better spent on your core business. In addition, you may be missing errors or opportunities that could be easily spotted by Tucson accounting firms.

A professional accountant can help you and your small business:

• Maximize your tax deductions
• Save time, energy, and your sanity
• Avoid a tax audit
• Make realistic and real-time decisions
• Plan for a solid financial future

The Difference Between an Accountant and a Bookkeeper

Financial terminology can be confusing, which is another reason you may want to hire an accountant. The terms “bookkeeper” and “accountant” are in themselves somewhat confusing. Essentially, their duties are different but they may overlap:

Bookkeeper – handles the daily tasks of recording financial transactions, such as purchases and sales. The bookkeeper will maintain receipts and track payments to vendors and contractors. Some small business owners do their own bookkeeping, but it can be time-consuming. There are many software products, such as QuickBooks, that are helpful in bookkeeping as well.

Accountant – verifies and analyzes the data input by the bookkeeper. An accountant will dig deeper into your financial records, preparing reports for your review such as income statements and balance sheets. An accountant will also complete your tax return, looking for the maximum deductions allowed to save you money. Your professional accountant will also help you understand your financial picture more clearly so you can recognize important trends and opportunities for business growth.

What to Look for in an Accountant

When researching the capabilities and experience of Tucson accounting firms to find the right one for you and your business, you’ll want to consider these factors as they relate to choosing an accountant for your business:

• Certifications: A quality accounting firm will have a Certified Public Accountant (CPA) on staff as well as team members certified in tax preparation. Since a CPA becomes certified by meeting state requirements and is required to take continuing education courses, you can be reassured that the firm is up to date on the latest accounting principles and financial regulations.
• Expertise and experience: Does the accounting firm have the knowledge you need for your specific financial records? Some Tucson accounting firms specialize in larger, corporate finances but you may need someone who works primarily with sole proprietorships or limited liability companies (LLCs) so that they are able to understand your business better.
• Personal attention: Your first inclination may be that the bigger the accounting firm, the better. As a small business owner, though, you will probably be comfortable and more reassured by the personal attention you’ll receive from a smaller accounting firm.

Accountant as Advisor

In addition to Tucson accounting firms that will maintain your financial records, prepare your tax returns, and provide you with reports such as your profit and loss statement, an accountant who can also work as an advisor to your small business will be tremendously beneficial to you. For example, at Clear View Business Solutions, we work with our clients to analyze trends, identify opportunities, and discover ways you can grow your business so your business can become more profitable. 

CONTACT CLEAR VIEW BUSINESS SOLUTIONS FOR HELP WITH YOUR ACCOUNTING NEEDS

We are a highly professional Tucson accounting firm focused on strengthening your understanding of your income and expenses through accurate financial records so you can become a better business owner. Contact Clear View Business Solutions to learn more about how our accounting services can help you and your business become more successful. Give us a call at (520) 544-0177.